Many more people are interested in the idea of planning their own funeral arrangements before they pass on than ever before. Although it is still common for people to die in the UK with no funeral arrangements made in advance, more and more people see the benefits of making their own plans and not leaving their funeral service to someone else to sort out after they die. With a prepaid funeral plan, it is also possible to cover all of the costs associated with a modern funeral service. Given that a typical funeral in the UK will cost over £4,000 these days, there’s even more of an incentive to plan today rather than to put things off.
What are prepaid funeral plans, what costs are involved and what are the advantages in taking one out? Read on to find out everything you need to know.
Advance Payments For a Pre-Planned Funeral
Unlike a buy-now-pay-later scheme, a prepaid funeral plan allows you to split up the costs associated with a funeral into handy installments. These are often collected monthly on a standing order or a direct debit but you can also make other arrangements if you wish. What the plan will do is to continue to collect payments until the total cost of your preferred funeral arrangements has been met.
Some also include an element of insurance so that if you were to die before all of the payments have been collected, you would still receive the sort of funeral you have planned for. Usually, although not always, this will kick in so long as you have made a sufficient number of payments. The specific rules differ from scheme to scheme.
How Much Will a Prepaid Funeral Cost?
According to Newrest Funerals, a prepayment funeral provider that operates throughout the UK, the costs of prepaid funerals differ greatly. This is down to the number of installments that are included in the plan. Those with longer terms, or more installments, will have lower monthly payment requirements.
The other factor is the overall cost of the funeral itself. If you want a burial plot, a gravestone, a large number of limousines and a fancy coffin, then the plan will probably need to cover thousands of pounds of expenditure. On the other hand, simpler ceremonies held at less sought-after time slots in crematoria will be that bit cheaper and more affordable to all.
The Benefits of Prepaid Funeral Plans
There are plenty of advantages associated with prepaid funeral plans. Just some of the reasons people take them out include:
- Peace of mind that they will get the funeral they want
- They won’t pass on a financial burden to those they leave behind
- Paying in advance means locking in today’s prices, not what funerals will cost in years to come
- All sorts of funerals can be accommodated, religious and non-religious
- Pay for a burial at sea, an ecological burial or even a direct cremation in advance without troubling loved ones
- Splitting up the payments into installments makes budgeting that bit easier
